The Asset Management Corporation of Nigeria (AMCON) on
Friday on the order of Justice Chuka Obiozor of the Federal High Court, Lagos
Division, took over the assets of Afrijet Airlines Limited owned by Vitalis
Ibe, over a debt of almost N10billion. AMCON had purchased the bank assets sometime in 2011 from
the defunct FinBank and Bank PHB.
The court order also affected Mr. Ibe’s Continental Aviation
Services Limited for which Gbolahan Elias, a Senior Advocate of Nigeria, SAN,
has since been appointed Receiver/Manager.
On Friday, the Receiver/Manager took possession of Afrijet
Plaza, the corporate head office of the airlines located on Sheraton-Opebi Link
Road Ikeja, Opebi, Lagos, along with another asset located at Plot 22, Jimoh
Odutola Street, off Eric Moore Road, Surulere, Lagos, as well as Mr. Ibe’s
office at the Airport, Premium Times reports.
The court had ordered the takeover of other offices,
branches, stores, warehouses, factories belonging to Mr. Ibe, wherever they may
be to help recover the debt.
While granting the order on the application by counsel to
AMCON, Justice Obiozor restrained Mr. Ibe and his companies, directors, agents,
servants and/or privies from operating, withdrawing from or otherwise tampering
with the funds belonging to and/or deposited in any of his bank accounts in
Nigeria.
Negotiations on the debt have gone on with AMCON for a long
time.
To enforce the order, the court also ordered the police
authorities in Lagos State to assist the Receiver/Manager and the bailiffs of
the Federal High Court in doing their job.
Afrijet Airlines formally operated from the NAHCO Building
in the Murtala Muhammed International Airport in Ikeja, Lagos, was also a cargo
operator in the Democratic Republic of Congo.
Afrijet Airlines still maintains an aviation maintenance
shop with its sister company, Elite Aviation.
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